Nat.Australia Bank 40HT NAB completes transfer of assets from Clydesdale

  Nat.Australia Bank (40HT) - NAB completes transfer of assets from Clydesdale

RNS Number : 0268O
National Australia Bank Ld
05 October 2012




Friday, 5 October 2012





National Australia Bank completes previously announced transfer of assets from
Clydesdale Bank PLC

National Australia Bank Limited (NAB) has completed the transfer of the UK
Commercial Real Estate (CRE) business, comprising assets with balances before
provisions of £5.6 billion, from Clydesdale Bank PLC (Clydesdale) to NAB as
part of the UK Banking strategic review previously announced on 30 April 2012.



The portfolio of assets that has been transferred includes the majority of
Clydesdale's CRE exposures, together with some associated loans and other
assets, and will be run-off as the assets reach maturity (subject to
customers' ability to refinance or repay). The assets were transferred at
book value and proceeds from the transfer will largely be used to repay
intra-group funding. Some residual UK CRE assets have been retained by
Clydesdale where they form part of a broader banking relationship.







For further information:



Media                  

Brian Walsh            Meaghan Telford

M: +61 (0) 411 227 585 M: +61 (0) 457 551 211
Investor Relations     Craig Horlin

Ross Brown             M: +61 (0) 417 372 474

M: +61 (0) 477 302 010



                     This information is provided by RNS
           The company news service from the London Stock Exchange

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STRGIBDGIGGBGDU -0- Oct/05/2012 08:22 GMT
 
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